01—Abstract
Summary
Summary of the 10-K filed March 18, 2011. Cited figures are marked; the original filing is the authoritative source.
Autodesk, Inc.'s 10-K filing for the fiscal year ended January 31, 2011, reveals a company in recovery and poised for growth following a challenging economic period.
Net revenue saw a significant increase of 14% year-over-year, reaching $1.95 billiona, driven by growth across all segments and geographies. Income from operations dramatically improved, increasing by 314% to $271.4 million, reflecting strong revenue growth coupled with effective cost management. The company's strategic focus on expanding its product portfolio with suites and increasing adoption of model-based design products, alongside international market expansion, appears to be paying off.
The company ended the fiscal year with a robust cash position of $1.47 billionb, demonstrating healthy liquidity. Autodesk continued its commitment to returning value to shareholders through a stock repurchase program, buying back 9.0 million shares during the year. While the company acknowledges the ongoing uncertainties in the global economic recovery and potential impacts from events like the Japanese earthquake and tsunami, it projects continued revenue growth and operating margin expansion for the upcoming fiscal year.
02—Key points
Key Highlights
- Autodesk reported a 14% increase in net revenue to $1.95 billion for fiscal year 2011, indicating a strong rebound from the previous year.
- Income from operations surged by 314% to $271.4 million, showcasing improved profitability due to revenue growth and cost control.
- The company's key segments, PSEB, AEC, and MFG, all experienced revenue growth, with PSEB and MFG showing significant increases of 15% and 22%, respectively.
- International revenue continued to be a major contributor, representing 71% of total net revenue, with the APAC and EMEA regions showing particularly strong growth.
- The company maintained a strong liquidity position, with $1.47 billion in cash, cash equivalents, and marketable securities at year-end.
- Autodesk continued its stock repurchase program, buying back 9.0 million shares in fiscal year 2011, demonstrating a commitment to shareholder returns.
- The company highlighted a strategic shift towards expanding its product suites and promoting model-based design products as key drivers for future growth.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2011, Autodesk kept $0.11.
- Revenue$1.95B100.0%
- Cost of revenue−$196.6M10.1%
- Gross profit$1.76B89.9%
- Operating costs−$1.48B76.0%
- Operating income$271.4M13.9%
- Interest, other & tax−$59.4M3.0%
- Net income$212.0M10.9%
Where FY2011 revenue went
$1.95B- Other operating costs: $987.6M, 51% of revenue
- R&D: $496.2M, 25% of revenue
- Net income: $212.0M, 11% of revenue
- Cost of revenue: $196.6M, 10% of revenue
- Interest, other & tax: $59.4M, 3.0% of revenue
Kept 11% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2011filed March 18, 2011Financial Statements
FY2011 against FY2010
| Line item | FY2011FY2010 | Change |
|---|---|---|
| Revenue | $1.95B$1.71B | +13.9% |
| Cost of Revenue | $196.60M$191.80M | +2.5% |
| Gross Profit | $1.76B$1.52B | +15.3% |
| R&D Expenses | $496.20M$457.50M | +8.5% |
| Operating Expenses | $1.48B$1.46B | +1.9% |
| Operating Income | $271.40M$65.60M | +313.7% |
| Net Income | $212.00M$58.00M | +265.5% |
| EPS (Basic) | $0.93$0.25 | +272.0% |
| EPS (Diluted) | $0.90$0.25 | +260.0% |
| Shares Outstanding (Basic) | 227.60M228.70M | −0.5% |
| Shares Outstanding (Diluted) | 234.20M232.10M | +0.9% |
05—Questions
Frequently Asked Questions
What was Autodesk's financial performance in fiscal year 2011?
Autodesk reported a significant improvement in fiscal year 2011. Net revenue increased by 14% to $1.95 billion, and income from operations grew by 314% to $271.4 million, indicating a strong recovery and enhanced profitability.
How did Autodesk's different business segments perform?
All four reportable segments, Platform Solutions and Emerging Business (PSEB), Architecture, Engineering and Construction (AEC), Manufacturing (MFG), and Media and Entertainment (M&E), experienced revenue growth. PSEB and MFG showed particularly strong performance with 15% and 22% revenue increases, respectively.
What is Autodesk's outlook for the next fiscal year?
Autodesk anticipates continued growth, projecting a 10% increase in net revenue for fiscal year 2012 and an improvement in operating margin by approximately 220 basis points compared to fiscal year 2011. The company plans to focus on delivering market-leading products and investing in new product lines and suites.
What is Autodesk's liquidity and capital allocation strategy?
Autodesk ended fiscal year 2011 with $1.47 billion in cash, cash equivalents, and marketable securities, demonstrating a strong liquidity position. The company continues to fund its operations, invest in growth initiatives (including acquisitions), and execute its stock repurchase program, which aims to offset dilution and return cash to stockholders.
06—Continue